Historical Background

At inception, the Bank had total assets amounting to K15.96 million with foreign assets amounting to K15.2 million an equivalent of £8.8 million, representing 18.1 percent of the federal currency which was redeemed in Malawi. By 1981, the year its head office moved to Lilongwe, the Reserve Bank of Malawi had expanded its operations when total assets increased to K230.7 million with foreign assets amounting to K43.9 million.

In April, 1989, the Reserve Bank of Malawi (RBM) Act was revised stipulating the Bank's principal functions which are in the interest of the national economy and are in line with the economic policies of the government. Before the revision of the Act, the Reserve Bank of Malawi reported to the Treasury. The 1989 RBM Act, however, made the Reserve Bank of Malawi independent from government under section 4. With this independence, the Reserve Bank of Malawi has the full mandate to conduct monetary policy whereas fiscal policy issues are the mandate of the Ministry of Finance. The Reserve Bank of Malawi therefore has to ensure that fiscal developments are consistent with monetary developments.

In 1990, the Reserve Bank of Malawi clocked 25 years of its operations with total assets amounting to K1.03 billion and foreign assets accounting for K324.5 million. By the close of 1998, total assets of the Bank registered a high of K18.8 billion with foreign assets amounting to K11.3 billion. The operations of the Bank have therefore expanded during the years more especially with the growth of the financial sector. This necessitated the building of a new and spacious branch office in Blantyre which was officially opened in November, 1998.

During its time of operation to date, the Bank has the following Governor's, namely:

Dalitso Kabambe PhD

2017-Present

Charles Chuka

2012-2017

Dr. Perks Ligoya

2009-2012

Victor Mbewe

2005-2009

Dr. E.E. Ngalande

2000-2005

Dr. M.A.P. Chikaonda

1995-2000

F.Z. Pelekamoyo

1992-1995

Hans Joachim Lesshafft

1988-1992

S.C. Hara

1986-1988

L.C. Chaziya

1984-1986

J.Z.U. Tembo

1971-1984

D.E. Thomson

1968-1971

A.G. Perrin

1968

RBM BOARD OF DIRECTORS

ChairmanDr. Dalitso Kabambe
Governor

MemberDr. Grant Kabango
Deputy Governor

MemberMr. Ben Botolo
Secretary to the Treasury

MemberMrs. Maria Msiska

MemberDr. Martin Phangaphanga

MemberMrs. Rosemary Kanyuka

MemberMr. Pius Mulipa

Reserve Bank of Malawi Management

Dr. Dalitso Kabambe
Governor

Dr. Grant Kabango
Deputy Governor

Henry Mathanga
Executive Director, Corporate Affairs

Kisukyabo Simwaka
Director, Economic Policy Research

Samuel Malitoni
General Counsel & Bank Secretary

Joseph Milner
Director, Human Resources

Clemence Chimkono
Director, Internal Audit

Mercy Kumbatira
Director, Currency Management

Rangford Chokhotho
Director, Banking

Donnex Chitsonga
Director, Information & Communication Technology

Ralph Tseka
Director, Strategy & Risk Management

Joyce Gundani
Director, Foreign Flows Monitoring

Mbane Ngwira
Director, Communication & Protocol

Patrick Mhango
Director, Administration

Nyadani Chaika
Manager, Protective Services

Rodrick Wiyo
Director, Financial Markets

Fraser Mdwazika
Director, National Payments Systems

Chimwemwe Kachingwe
Director, Pensions & Insurance Supervision

Lanjes Sinoya
Director, Capital Markets & Micro-Finance Supervision

George Kanyanda
Director, Administrative Services

Fund Mzama
Director, Bank Supervision

Molly Stambuli
Director, Accounting & Finance

George Chioza
Director, Financial Sector Regulation

Geoffrey Kandaya
Director, Branch Management (Mzuzu)

Peter Chando
Director Procurement & Stores

MISSION AND VISION

MISSION

To foster the stability, integrity, and efficiency of the monetary, financial, and payment systems
through the formulation and implementation of sound monetary and macro-prudential policies that take into account national interest.

VISION

To be an institution of excellence that promotes price and financial stability.